First Union Builds E-Commerce Marketplace for Small Businesses

First Union Bank will team up with Intelisys Electronic Commerce to launch a new division dedicated to building an online e-commerce marketplace for small to mid-sized businesses. The Web-based community combines Charlotte, N.C.-based First Union's small-business financial services with Intelisys' e-commerce infrastructure. A pilot program will launch during the third quarter.

The partners says the purchasing network will sell office supplies, communications and computer equipment, as well as software and other services in a bid to streamline procurement and offer real-time access to supplier price and inventory information.